I’m seeing a lot of put buying ahead of the earnings report, reveals Pete Najarian. They’re trading at 2 to 3 times normal levels. However, I think they’re more likely protection than anything else. I don’t expect a huge move in Merrill, adds Jeff Macke. However, I’m not expecting good news either.

Options traders are already looking for a 7% move and the stock is ticking up in the after market on the heels of Intel’s beat. Guidance will be key for IBM, Najarian said, but he thinks the report will affirm what Intel said – that corporate America is still willing to spend. For that, he’s a buyer into earnings.

Margins are going to be the thing to watch, explains Jeff Macke, because revenue will likely come down. Also keep an eye on their guidance going forward, he adds. I like Intel at current levels, adds Pete Najarian, but it's a long term investment.

I’m anticipating a miss, says Munseter, but despite the numbers I think the stock will be going higher over the next few months. It seems to me that Google is kind of “running away with the internet.” At the end of the day everyone needs Google. I think it’s a buy ahead of earnings. I’d buy after the earnings, but not before, counters Jon Najarian. I'd rather own Intel (INTC) than take a bet on Google, adds Jeff Macke.

Options pricing suggests move of 8% in either direction.

Options pricing suggests move of 6.5% in either direction.

I think GE will be a “tell” for Honeywell (HON) says Guy Adami. If GE says good things I recommend getting long HON.

I think GE will be a “tell” for Honeywell (HON) says Guy Adami. If GE says good things I recommend getting long HON.